Close Brothers Private Equity (“CBPE” – Notes to Editors) has today announced the sale by Hull-based United Transport International (“UTI” – Notes to Editors) of its Rotterdam-based subsidiary, United Transport Tankcontainers BV (“UTT”). The sale to UTT’s local management team, backed by 3i, is valued at EUR100m.

UTT, which operates globally via 10 offices, manages the logistics of moving liquid chemicals and food in intermodal tankcontainers. In 2001, UTT generated revenues of EUR129m and pro forma operating income before asset and other financing costs of EUR14.5m. UBC, the remaining business, has sales of EUR170m and profits before amortisation of EURO 20m.

CBPE Partner Neil Murphy said: “This transaction enables us to concentrate on the core dry bulk chemical business. It also provides an excellent opportunity for the management team of the liquids division to drive their business forward.”

CBPE was advised by KPMG Corporate Finance and Osborne Clarke.

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This press release has been issued by Close Brothers Private Equity Limited. Close Brothers Private Equity Limited is regulated by the FSA.